Jooste family trust challenges R1.3bn preservation order
A family trust of former Steinhoff CEO Markus Jooste has launched an application in the Western Cape High Court to set aside a preservation order of the trust’s assets.
Beeld reports that the SARB obtained the preservation order on 6 October 2022 against the Silveroak Trust.
Two trustees of the trust, Michael Jooste and Rian du Plessis, allege that there was an irregular step in the proceedings and the preservation order ought to be set aside.
In the alternative, they seek an order that excludes the art collection of the trust.
After the preservation order was granted at the end of last year, Silveroak Trust had listed assets of R1.3bn, including an art collection valued at R34.7m.
In his latest application, Michael Jooste claims the art collection is the only tangible assets of the trust.
‘The art collection is stored or displayed at the residence of (Markus and Ingrid Jooste),’ the trustee stated.
The SARB is opposing the application, stating that the application of this nature is not what uniform court rule 30 envisages.
The matter has been postponed to April 2024.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
